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C-FN 2014ROO80021 OR Rk 29013 P95 1246 - .1249i (09s) RECORDED 01/31 /2014 14:30:32 HARVEY RUVINY CLERK OF COURT MIAMI -DADE CDUNTYY FLORIDA RESOLUTION NO. 2012- A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, AUTHORIZING THE TRANSFER OF DEVELOPMENT RIGHTS ON A CONTINGENCY BASIS ( "TDRS ") IN THE AMOUNT OF FIFTEEN THOUSAND (15,000) SQUARE FEET OF FLOOR AREA AND SEVEN UNITS (7) TO GILCO REALTY, L.C. A/K/A 18555 DEVELOPERS, LLC FOR THE PROPERTY LOCATED AT 18555 COLLINS AVENUE FROM THE CITY'S TDR BANK ACCOUNT; DIRECTING THE ZONING ADMINISTRATOR OR DESIGNEE TO TRANSFER THE TDRS FROM THE CITY'S BANK ACCOUNT IN ACCORDANCE WITH ZONING RESOLUTION AUTHORIZING THE ADJUSTMENT AND MODIFICATION OF THE CITY'S TDR BANK; PROVIDING FOR WAIVER OF INITIAL DEPOSIT AND NULLIFICATION; PROVIDING THE CITY MANAGER WITH THE AUTHORITY TO DO ALL THINGS NECESSARY TO EFFECTUATE THIS RESOLUTION; PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, by Zoning Resolution No.12-Z -121 adopted May 10, 2012, the City Commission approved the zoning application for a site plan modification submitted by Gilco Realty, L.C. a/k/a 18555 Developers, LLC, ("Applicant ") for the transfer of TDRS in the amount of 15,000 square feet of floor area and seven (7) dwelling units; and WHEREAS, the City's TDR Bank balance will be adjusted to reflect the contingent sale of TDRS to the Applicant to reflect the reduction of fifteen thousand (15,000) square feet of floor area and seven (7) dwelling units; and WHEREAS, pursuant to Section 265 -23D of the Code of the City of Sunny Isles Beach, the City Commission shall consider the acceptance of the appraised land value in the amount of Twenty Three Million Seven Hundred Fifty Thousand Dollars ($23,750,000) for the receiving site for the purpose of calculating the square foot value of the approved TDRS; and WHEREAS, if the site plan reflects actual usage of TDRS, the Applicant is required to pay a per square foot price of $65 no later than six (6) months from issuance of building permit or evidence of actual use, whichever comes first, as reflected in the appraisal attached hereto as Exhibit "A"; and WHEREAS, the City Commission agrees to accept Nine Hundred Seventy Five Thousand Dollars ($975,000) by the Applicant for the transfer of fifteen thousand (15,000) square feet of floor area and seven (7) dwelling units; and WHEREAS, the property receiving the TDRS is described as follows: Parcel 1. All of Tract "L" less the south 200 feet thereof and less the north 100 feet thereof, of AMENDED Plat of North Biscayne Beach, PB 44 Page 42. 2.21 acres (96,162 sq ft) Gilco Realty, L.C. a/k/a 18555 Developers, LLC TDR Bank Page 1 of 3 11